Ahead of drilling this summer, Silver Hammer Mining Corp. (HAMR:CSE; HAMRF:OTCQB) has begun an airborne magnetic and radiometric survey of the Eliza project. The project is located in a past-producing area of Nevada and has not received much attention from modern exploration efforts.
Surveying the Eliza Project
Silver Hammer has begun a property-wide airborne magnetic and radiometric survey of the Eliza project, located in Nevada. As the Silverton Project awaits analysis, the company has engaged Precision GeoSurveys to complete the project.
According to Peter A. Ball, the CEO and President of Silver Hammer, "With the completion of a survey at our Silverton Project a few days ago, we continue to accelerate exploration efforts at our projects in Nevada as we prepare for a busy season at our three projects located in Idaho and Nevada. Eliza continues to be of high interest to explore noting the significant silver and copper grades sampled in 2022."
Silver saw a short-term retreat, and analysts predicted that it would see new highs as confidence in the dollar continued to remain low.
Ball also commented on the future at Silver Hammer and said, "After the Elizat geophysical survey, the Company will be onsite in June in Idaho at our Silver Strand Project, completing a property review based on the 15 priority exploration targets identified from the spring data compilation of the last 20 plus years of geophysical surveys."
The Eliza project will be surveyed using magnetic sensors flown in non-magnetic and non-conductive nose stinger configuration with gamma sensors to allow for reduced terrain clearance minimizing noise, and improving resolution and accuracy.
The Eliza project is made up of 269 line kilometers with 50m line spacing and 12.1 square kilometers of coverage.
The Eliza Silver project includes the past-producing California Mine Patent claim. It's located along strike of the Hamilton Mining District, which is Nevada's highest-grade silver district, and has been noted by the USGS mineral resource data system to have produced over 30 million ounces of silver, with grades of up to 20,000 g/t between the years 1865 and 1888.
Chen Lin conducted an interview with Silver Hammer during the 2022 Metals Investors Forum, where he expressed excitement about the future of Silver Hammer and mentioned investing in the company.
Geologic maps have indicated that Eliza contains high-grade silver mineralization hosted by the same formation. Modern-day exploration and significant drilling has not occurred on the project in around 50 years.
Assay results from the 2022 sampling program confirmed that the site hosts a silver-rich mineral system, as well as the presence of copper, lead, and zinc. Samples from 2022 include 1290g/t Ag on hole PN662703, 1180g/t Ag, 7.70% Cu, 11.00% Pb, and 13.40% Zn on hole PN662717, and 632g/t Ag, 2.2% Cu, 1.49% Pb, and 0.55% Zn on hole PN662715.
Why Silver?
Last month, silver saw a fall back from the record high prices of earlier this year. Silver saw a short-term retreat, and analysts predicted that it would see new highs as confidence in the dollar continued to remain low.
According to Ahead of the Herd, last year, global demand for silver rose by 18%, creating a supply deficit of 237.7 million ounces.
Catalyst
Chen Lin conducted an interview with Silver Hammer during the 2022 Metals Investors Forum, where he expressed excitement about the future of Silver Hammer and mentioned investing in the company.
Silver Hammer has exploration programs planned for 2023, such as drilling on Silver Strand, and the leadership is focused on growth and the advancement of assets and capital markets. The company owns highly prospective projects in silver districts, such as Nevada and Idaho, with significant past production. These projects also have limited to no modern exploration. There is an experienced team with technical experience in big silver companies.
Ownership and Share Structure
Management and insiders own ~10% of the company. Peter A. Ball, CEO owns ~1,400,000 shares, Lawrence Roulston owns 600,000, Alnesh Mohan owns 175,000 shares, Joness Lang owns 173,000, Ronald Burk owns 75,000 shares.
As for institutions, Palos Management Inc. owns 600,000 shares. The company does not report any strategic institutions.
Silver Hammer reports that it has CA$1.5 million in the bank, with a monthly burn rate of CA$40k, and no drilling costs at the moment. It works with the influencers Gold Silver Pros. Jeff Clark of The Gold Advisor, Peter Kraught of Silver Stock Investor, Nick Hodge of Daily Profit Cycle, David Morgan of The Morgan Report, and Chen Lin and Peter Grandich all provide news coverage and analysis of the company.
Silver Hammer has a market cap of CA$12.6 million based on a 50-day moving average. There are 54.1M shares, 8.7M warrants, and 4.1 options. On the 52-week range, it is between CA$0.19 and CA$0.47.
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